How To Calculate Your Phemex Taxes With Kryptos

Phemex is one of the most popular exchanges in the world for crypto trading. If you are using Phemex, follow these steps to easily connect it with Kryptos – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes.

1. To get started – Sign up on Kryptos here and choose your country and currency.
2. Once done, link your Phemex account to Kryptos. To do this, you can use any of the following three methods: 
3. API. Add API Keys to Kryptos and import everything at once.
4. CSV. If you do not have API keys, don't worry! We also support CSV files to import all your transactions.
5. Manually. Import transactions manually using our custom CSV upload feature.
6. View and analyze all your transactions in a single dashboard and manage your portfolio
7. Kryptos automatically categorizes all your Phemex transactions into gains/losses or income.
8. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from Phemex
9. Generate the Phemex tax report for free and download it once everything looks good
10. File your Phemex taxes online or leverage our crypto tax accountant network to help you out

How To Connect Phemex With Kryptos Using API

On Phemex :

1. Log in to your Phemex account.
2. On the top right corner, look for the Profile Icon & select it. 
3. In the drop-down menu, look for API Management.
4. Now select Create New API Key. Select Default API Entry. Click Next.
5. Name your API key anything you would like & select “Don’t Bind’. Under Permissions, select Read-Only. Click confirm.
6. Put in your 2-Factor Authentication.
7. Copy the API Key & the API Secret, and save it somewhere. 

On Kryptos :

1. Go to kryptos.io & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Phemex or select it from the list below.
4. Now, click on the Phemex icon.
5. Choose Import using API Keys.
6. Paste your API Key & API Secret.
7. Click on Import Your Transactions. All transactions are directly imported and tagged by default.
8. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

How To Connect Phemex With Kryptos Using CSV

On Phemex :

1. Log in to your Phemex account.
2. Scroll over to Assets in the top right corner to open the drop-down menu & select Spot History.
3. In Order History, look for “Need reports for tax declaration?’ & click on it.
4. From here, you can choose to select any report that you want your Tax Reporting to be done for. 
5. Scroll down to Spot Trading Report, click on it & on the next page, click on Generate Spot Trading Report.
6. Select your timeframe & under Symbol, select All. Click on Generate after that.
7. Wait for Phemex to generate the report which might take 24 hours sometimes.
8. Download the CSV once done.

On Kryptos :

1. Go to kryptos.io & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Phemex or select it from the list below.
4. Now, click on the Phemex icon.
5. Choose Upload CSV
6. Click on Import Your Transactions. All transactions are imported and tagged by default.
7. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

How are Phemex transactions taxed?

The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, and marital status. But, in general, there are mainly two types of taxes applicable to Phemex transactions.

• Income Tax- If you are earning rewards (e.g. through lending or staking) or maybe receiving, you may need to pay income tax.
• Capital Gains Tax- If you profit from the disposal of your crypto assets (e.g. by selling your tokens, Bitcoin,  Ethereum, etc.), you incur capital gains tax. 

Important things to keep in mind while integrating Phemex

1. When importing a CSV file, match your Phemex account Time Zone in the Kryptos import form.
2. While creating a new key, make the API key read-only.
3. Keep your API Key and API Secret somewhere safe, preferably offline. 

Facing Issues While Connecting Phemex To Kryptos?

Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If there’s a critical or urgent issue that needs to be resolved, you can use our live chat option on the right side of the screen or email us at support@kryptos.io.

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